Unchained has wrapped up and, by all accounts, done a stand-out job exposing Social Media Marketing and the power of the individual. I was bummed I could not attend. Funny thing though: if you are hungry enough you get fed anyway. My hunger was sated in seeing how a democratic, capitalistic, free economy continues to reveal our greater selves. This past Friday that idea was brought home in a powerful, if disjointed, way in the pages of the Wall Street Journal.
There were three, seemingly unrelated, articles that taken together gave me great joy. From time to time we need to polish our appreciation for the economically empowering era we live in (and sometimes take for granted).
> Guy Sorman wrote an op-ed piece exposing the massive cracks in communism and the potential for political fall out that stems from the natural disaster of an earthquake. The buildings whose failures caused the most damage – the schools and the hospitals – were those constructed by the state. The graft and corruption that leads to the crushing of school children does not go unnoticed by the people.
So it is with China and with tyrannical regimes: The party is convinced it controls everything. But it is often the unexpected events that reveal fault lines in the system, the hypocrisy of public discourse, and the most unbearable injustices.
Tyrannical or sublimated, political or economic: the chokepoints of the world are slowly exposed.
> The second article was a front page celebration of Erin Callan, the most powerful woman on Wall Street. A free economy coupled with a free exchange of ideas is contributing to women taking their place in the most powerful of positions. Even better, in my humble opinion, is what Ms. Callan has become known for and, one must assume, what helped move her to the very pinnacle of the economic pecking order:
She aggressively roots out rumors, even while pushing her bosses to disclose more financial information.
The open and transparent exposing of information leads to success.
> The third article discussed CEO Willie Walsh of British Airways PLC. The company saw a record performance to end the year and is paying an annual dividend for the first time in seven years. The staff will share in a bonus worth over $70 million dollars. Yet there were glitches with the opening of a new terminal at Heathrow for which Mr. Walsh has taken full responsibility, claiming that it is his fault the employees were not properly trained.
Chief Executive Willie Walsh said he will forgo his annual bonus, worth (close to $1.5 million), because of the troubled opening of Heathrow’s new Terminal 5… “I felt in the context of a disappointing opening to Terminal 5 it would be inappropriate to take a bonus.”
Accepting the exposure of a failure and the responsibility of a leader is inspiration in its highest form.
So it goes. From around the world we see the power and sometimes the humanity of capitalism. An earthquake in China leaves communism’s cracks exposed; the CFO of Lehman Brothers chooses transparency and the economics of exposing; the CEO of British Airways takes responsibility for his company and accepts exposure. Rejoice brothers and sisters: Exposed, Exposing and Exposure are the three dances of power disseminated.
Brian Brady says:
I read the story about Erin Callan with cautious optimism. Transparency is markets has not been rewarded as of yet. It’s as if people pay for the hustle…but…
that’s changing. I think the folks who embrace the culture of transparency will be rewarded as the consumers move out of the clubby atmosphere of the smoke-filled rooms.
May 22, 2008 — 5:23 pm
Sean Purcell says:
as the consumers move out of the clubby atmosphere of the smoke-filled rooms
I agree, but I would have added “white, male” to “smoke filled rooms”. I think Ms. Callan is a great example of movement through transparency in action.
May 22, 2008 — 5:38 pm
Vance Shutes says:
The graft and corruption that leads to the crushing of school children does not go unnoticed by the people.
Let’s hope that, more and more in this country, the popoulace recognizes the deadly elixir of Federal and State intrusion into our personal lives – before any school children are crushed.
Missed you at BHBU, my friend!
May 23, 2008 — 2:46 am
Sean Purcell says:
the popoulace recognizes the deadly elixir of Federal and State intrusion into our personal lives
…in all ways, in all places, in all things. A big Amen on that Vance.
Missing Unchained feels like I missed a family gathering. 🙁
May 23, 2008 — 8:38 am
Bawldguy Talking says:
Sean — The people under communist rule know exactly what the real story is. I’m reminded of what an immigrant from the old Soviet Union told me, long ago.
She said, “They pretend to pay us, and we pretend to work.”
The people know.
May 23, 2008 — 11:24 am
Sean Purcell says:
“They pretend to pay us, and we pretend to work.”
I love it. Sounds a little too close to our own congress though don’t you think:
“They pretend to elect us and we pretend to represent them.” 🙂
May 23, 2008 — 11:29 am